MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
BEIJING CHONGLEE MACHINERY & CHEMICAL FIBER ENGINEERING CO., LTD |
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Registered Office : |
No.3, Yanjingli Middle Street, Chaoyang District, Beijing, 100025 |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20.06.2002 |
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Com. Reg. No.: |
110000003900101 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Designing, Manufacturing
and Selling Complete Sets of Chemical Fiber Production Equipment |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
& ADDRESS
BEIJING CHONGLEE MACHINERY & CHEMICAL FIBER ENGINEERING CO., LTD
No.3, Yanjingli Middle Street, Chaoyang District, Beijing, 100025 PR
CHINA.
TEL: 86 (0) 10-65031572
FAX: 86 (0) 10-65922560
EXECUTIVE SUMMARY
INCORPORATION DATE : june 20, 2002
REGISTRATION NO. : 110000003900101
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : MR. zhao qiang
(CHAIRMAN)
STAFF STRENGTH : 600
REGISTERED CAPITAL : CNY 87,300,000
BUSINESS LINE :
MANUFACTURING & ENGINEERING
TURNOVER : CNY 538,413,000 (AS OF
DEC. 31, 2006)
EQUITIES : CNY 270,613,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1, 000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.36847 = US1$
Adopted
abbreviations:
ANS - amount not stated
NS - not stated SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a one-person limited liability company at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on June 20, 2002.
Company Status: One-person Limited Liability Company Single person LLC refers to a limited liability company set
up by only one natural person or legal person as the single shareholder of
it. The minimum registered capital of Single person LLC is
CNY100,000. The shareholder’s capital contributes, as set out by the
articles of associations should be a lump-sum payment in full. One natural person can only invest in and set up one
limited liability company, which is not permitted to invest in and set up a
new Single person LLC. As to any one-person limited liability company, the
sole-investor nature of the natural person or legal person shall be
indicated in the registration documents of the company and shall be
indicated in the business license thereof as well. The regulation of Single person LLC should be set up by the
shareholder The regulation of Single person LLC has no shareholder
meeting.
SC’s registered business scope includes technology
developing, transferring, consulting, and servicing; importing and exporting commodities and technology; manufacturing and
selling chemical industrial fiber production equipment; selling electric
equipment, special equipment (pressure vessels), chemical products (excluding hazardous chemicals and 1st
class poisonous chemicals); professional contracting; engineering design and
consultation.
SC is mainly engaged in designing, manufacturing and selling complete sets of chemical fiber production
equipment, high speed rolling equipment, plastic machinery equipment, and other
cotton mill equipment; supplying related engineering
designing, consulting, contracting, technology developing, etc.
Mr. Zhao Qiang has been legal representative and chairman of
SC since February 2004.
SC is known to have approx. 600 staff members at
present.
SC is currently operating at the above stated address, and
this address houses its operating office and factory in the industrial zone of
Beijing. SC’s accountant refused to release detailed information of the
premise.
http://www.ctamp.com.cn The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Email: cmec@vip.sina.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2004-02 |
Legal representative |
Jia Luqiao |
Zhao Qiang |
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2004-09 |
Registered capital |
CNY 10,000,000 |
CNY 87,300,000 |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
China Textile Academy 100
*China Textile Academy
======================================
China Textile Academy (CTA) was founded in 1956, originally
affiliated to the Ministry of Textile Industry; in 1999, it was transformed to
the largest comprehensive science and technology R & D institute in China’s
textile industry, operating directly under the leadership of the central
government.
Legal representative and chairman:
Mr. Zhao Qiang , ID # 110105195511140095. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and legal representative.
General manager:
Mr. Tong Wenqi. He is currently responsible
for the daily management of SC.
Working Experience(s):
Present Working in SC
as general manager.
SC is mainly engaged in designing, manufacturing and selling complete sets of chemical fiber production equipment,
high speed rolling equipment, plastic machinery equipment, and other cotton
mill equipment; supplying related engineering
designing, consulting, contracting, technology developing, etc.
SC sources its materials 80% from domestic market, and 20%
from overseas market. SC sells 70% of its products in domestic market, and 30%
to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
SC is not known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience : SC did not provide any name of
trade/service suppliers and we have no other sources to conduct the enquiry at
present.
Delinquent payment record : None in our database.
Debt collection record :No overdue amount owed by SC was placed to us for
collection within the last 6 years.
Industrial & Commercial Bank of China Balizhuang Banking
Office.
AC#：065492-64
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash & bank |
77,885 |
45,735 |
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Notes receivable |
86,092 |
105,280 |
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Dividends receivable |
1,976 |
1,976 |
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Inventory |
234,054 |
253,024 |
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Accounts receivable |
107,752 |
91,284 |
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Advances to supplies |
43,118 |
47,250 |
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Other receivables |
55,003 |
61,463 |
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Other current assets |
5,770 |
5,373 |
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------------------ |
------------------ |
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Current assets |
611,650 |
611,385 |
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Fixed assets |
58,031 |
10,525 |
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Fixed assets net value |
35,916 |
4,509 |
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Projects under construction |
0 |
0 |
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Long-term investments |
61,478 |
153,871 |
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Long-term deferred expenses |
49 |
35 |
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Intangible assets |
240 |
157 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
709,333 |
769,957 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
89,769 |
51,747 |
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Accounts payable |
119,065 |
164,708 |
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Advances from customers |
256,282 |
245,454 |
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Accrued payroll |
0 |
8,213 |
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Welfare expenses payable |
8,484 |
11,268 |
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Taxes payable |
-77 |
-813 |
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Surcharge payable |
113 |
1 |
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Other payable |
10,868 |
17,837 |
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Accrued expenses |
0 |
72 |
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Other current liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current liabilities |
484,504 |
498,487 |
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Long-term payable |
800 |
800 |
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Specified payables |
0 |
57 |
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------------------ |
------------------ |
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Total liabilities |
485,304 |
499,344 |
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Shareholders equities |
224,029 |
270,613 |
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------------------ |
------------------ |
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Total liabilities & equities |
709,333 |
769,957 |
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============= |
Income Statement
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Turnover |
470,584 |
538,413 |
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Cost of goods sold |
357,894 |
418,529 |
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Taxes and additional of main operation |
1,937 |
1,383 |
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Income from other operations |
1,666 |
267 |
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Sales expense |
24,442 |
32,961 |
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Management expense |
67,691 |
44,648 |
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Finance expense |
-958 |
513 |
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Investment income |
6,343 |
2,307 |
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Subsidy income |
4,502 |
1,669 |
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Non-operating income |
1,156 |
928 |
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Non-operating expense |
6,007 |
8 |
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Operation Profit |
27,237 |
45,541 |
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Less: profit tax |
0 |
0 |
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Net profit |
27,237 |
45,541 |
Important Ratios
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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*Current ratio |
1.26 |
1.23 |
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*Quick ratio |
0.78 |
0.72 |
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*Liabilities to assets |
0.68 |
0.65 |
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*Net profit margin (%) |
5.79 |
8.46 |
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*Return on total assets (%) |
3.84 |
5.91 |
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*Inventory /Turnover ×365 |
182 days |
172 days |
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*Accounts receivable/Turnover ×365 |
84 days |
62 days |
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*Turnover/Total assets |
0.66 |
0.70 |
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* Cost of goods sold/Turnover |
0.76 |
0.78 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears fairly good in its line, and it increased in
2006.
SC’s net profit margin is average in 2005 and fairly good in 2006.
SC’s return on total assets is average in 2005 and fairly good in 2006.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fair level.
The inventory conversion period of SC appears long.
The accounts receivable of SC is maintained in an average level.
SC has no short-term loans.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Stable.
SC is considered medium-sized in its line with favorable market
conditions. A credit line up to USD 1,000,000 would appear to be within SC’s
capacities.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)